A statement from the publisher this afternoon also confirmed that it will pay undisclosed legal costs to the former Sky Sports presenter.
Gray was one of five test cases due to be brought against the newspaper in early 2012, alongside Jude Law, MP Chris Bryant, agent Sky Andrew and interior designer Kelly Hoppen, who is Sienna Miller's stepmother.
Miller became the first phone-hacking victim to accept an out-of-court settlement from NGN after the company paid her £100,000 in May. NGN then formally apologised to Miller in the high court earlier this month.
There is an alternative group of possible test-cases should settlements be reached with those already on the list, footballer Paul Gascoigne, former MP George Galloway, and comedian Steve Coogan.
Earlier this year NGN established a £20 million compensation fund to make settlements with those seeking to bring phone-hacking cases against the publisher.
News International, which owns NGN, announced last week that former high court judge, Sir Charles Gray would administer compensation scheme.
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